From idea to execution - an improved invoice solution for a retailer in just four weeks
Summary: It really is possible!
A fashion retailer was struggling with their existing payment by invoice solution. Consumers were calling their sales call center with complaints about the collections process that staff could not resolve without contacting the existing provider. The constant back and forth was making consumers unhappy and distracting the retailer’s sales staff from their job. To fix this, Paysafe Pay LaterTM
implemented an end to end payment by invoice solution in just four weeks. Call center efficiency increased dramatically and so did customer satisfaction and loyalty!
The goal: Do better, and quickly!
The retailer needed a solution as soon as possible. Because of the existing provider’s complaints process half of their call center staff were spending two days a week answering complaints from consumers. It wasn’t just the consumers paying by invoice that were frustrated, the inefficient process meant that even regular customers found themselves receiving poor service.
However, the one benefit the retailer received from their provider was a high acceptance rate for potential payment by invoice customers. For a switch to make sense, the retailer needed us to offer an acceptance rate of 92% and improve the complaints process.
The solution: Of course we can!
To meet the retailer’s required 92% acceptance rate, we examined their relationship with their customers to spot specific trends that would allow us to tailor our risk engine. At the end of our analysis, we determined that the retailer’s historically strong relationship with consumers allowed small tweaks to our risk engine. Not only did this allow us to meet this retailer’s requirement, it allowed us to improve our acceptance rate for all our fashion merchants.
To ensure the best collections experience for consumers, Paysafe Pay LaterTM always provides our own contact details, not the merchant’s. Our Consumer Portal lets customers manage their purchase, including submitting complaints and finding payment details entirely online. A new feature even allows consumers to delay payment if necessary, or even switch from the invoice solution to instalments. Any queries or complaints come straight to us.
Because the retailer needed things done as quickly as possible, our risk and technical teams worked in parallel to deliver our solution in just four weeks.
The result: More time to focus!
No longer distracted by complaints they couldn’t solve the merchant was free to concentrate on what they do best. Paysafe Pay LaterTM gave consumers more flexibility and where complaints did arise, worked directly with the consumer to solve the issue. Staff were free to focus on helping consumers make purchases, and as a result saw customer loyalty increase.